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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

S&P estimates UAE GDP to grow beyond 5% in 2024

Standard & Poor's noted that UAE banks remain in a strong position in terms of net foreign assets.
  • She said S&P expects continued strong momentum in Dubai's hospitality, wholesale and retail
  • There was a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai

Dubai, UAE–The UAE’s GDP is expected to grow by more than 5 percent in 2024, exceeding the 2.8 percent growth expected for the global economy, according to Standard and Poor’s Global Ratings projections.

Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor’s Global Ratings, told the Emirates News Agency (WAM) that “while the global economy remained subdued operating at subpar growth levels, we estimate that UAE GDP expanded at over 3 percent in 2023, including close to 6 percent growth for the non-oil sector”.

“In Dubai, we expect continued strong momentum in the hospitality, wholesale and retail, and financial services sectors to drive growth in 2024-2025,” she explained.

Asked about the performance of the UAE’s real estate sector in the face of global economic changes, Leskova said, “So far, the UAE and Dubai more specifically have remained relatively immune to the global economic headwinds, thanks to the limited sensitivity to interest rates and contained inflation. Despite higher interest rates, the number of mortgage transactions continued to grow in Dubai, where over 80 percent of real estate transactions are completed on a cash basis.”

She added: “In contrast, the European real estate market has been marked by weakened purchasing power since 2022 due to high interest rates and relatively higher inflation. The China market also remains challenging for its leveraged developers, with margins tightening as prices drop, pressuring profitability. The picture has become a little brighter in the U.S., where demand picked up at the start of 2023 after a slowdown.”

“The profile of buyers evolved slightly since 2022, with a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai,” she went on to explain, “We expect this to be temporary, with Indians, Europeans and GCC buyers remaining the largest investors as per the historic trend. Dubai still remains far more attractive as an investment opportunity than other emirates despite news of gaming hotels in RAK, and general economic growth in the country overall.”